LIBOR Transition During the Pandemic: Is Your Program Management Office Ready to Take on the Challenge?
Across the globe, governments and financial institutions continue to prepare for the shift targeted for the end of 2021, from the London Interbank Offered Rate, or LIBOR, to alternative risk-free rates (RFR). The deadline for retiring the LIBOR remains unchanged, according to various government and regulatory bodies, including the Bank of England and the Federal […]
Further Measures From the Bank of England to Support LIBOR Transition
In what has become a steady stream of advisories from regulators globally about the financial institution’s preparedness for LIBOR transition, the Bank of England (the Bank), on February 26, announced further measures designed to “turbo-charge sterling LIBOR transition” in a speech by Andrew Hauser, Executive Director of Markets at the Bank. The Bank recognises the […]
SEC Joins the PCAOB in Emphasizing the Importance of the Audit Committee’s Role
On December 30, 2019 the Securities and Exchange Commission (SEC) issued a statement on the role of audit committees in financial reporting. This statement follows by a few weeks a similarly focused report from the Public Company Accounting Oversight Board (PCAOB). Together, the two releases underline the importance these regulators place on a well-informed, engaged, […]
LIBOR Transition: Preventing History From Repeating Itself
The London Interbank Offer Rate, or LIBOR, which according to the New York Times is the “one number that arguably matters more than any other” in the world of finance, will no longer be the primary benchmark rate used by the financial services industry as of year-end 2021. In the 35 years since the financial […]
OCC Flags Warning Signs of Operational, Credit and Interest Rate Risks
In its Fall 2019 Semiannual Risk Perspective, the Office of the Comptroller of the Currency (OCC) highlights operational, credit and interest rate risks among key risk themes posing threats to the financial institutions it regulates. The themes, addressed by the OCC in this report, cover current and emerging risks facing national banks and federal savings […]
The OCC’s 2020 Supervision Plan Targets Emerging Risks Facing Financial Institutions
In its 2020 fiscal year bank supervision operating plan, the Office of the Comptroller of the Currency (OCC) identifies cybersecurity and operational resiliency, Bank Secrecy Act/anti-money laundering compliance management, commercial and retail credit underwriting practices, and commercial and retail credit oversight and control functions among its top supervisory priorities. In addition to these priorities, the OCC’s […]
